You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. SteelPeak Wealth, a Los Angeles-based registered investment advisor backed by Emigrant Partners, has added BNY Pershing to its custody options for its more than 30 financial advisors. The RIA is adding to custody setups it has with Charles Schwab, Fidelity Investments’ NFS and Interactive Brokers, according to its Form ADV. A spokesperson confirmed the RIA would continue with the multi-custodial ...

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Apollon Wealth Management, a Mount Pleasant, S.C.-based wealth management firm with more than $8.65 billion in assets under management, has agreed to acquire The Motley Fool’s wealth management division in a deal expected to close in 2026. Motley Fool Wealth Management has eight financial advisors and 15 other employees managing about $1.5 billion in client assets, according to its website. ...

Core Insights - Estate planning is essential for everyone, regardless of age or wealth, as it prevents the state from controlling asset distribution and causing complications for loved ones [1][2] Group 1: Importance of Estate Planning - Estate planning is not limited to creating a will; it also involves designating beneficiaries for assets such as retirement accounts and life insurance [2] - Establishing powers of attorney is crucial for allowing trusted individuals to make financial or medical decisions if one becomes incapacitated [2] Group 2: Role of Trusts - Trusts are significant in estate planning, providing benefits like privacy, flexibility, and avoidance of prolonged probate procedures [3] - Trusts can set specific conditions on inheritances, which is beneficial for protecting younger beneficiaries or those needing special support [3] Group 3: Benefits of Estate Planning - Effective estate planning offers clarity and peace of mind by clearly communicating intentions, reducing family conflicts, and alleviating stress during difficult times [4]

Core Insights - Tax planning is becoming a critical advisory service, with nearly 70% of high-net-worth clients prioritizing tax reduction, yet less than half of advisors currently offer this service [2][4] - The demand for integrated wealth management that includes tax strategy in every decision is increasing, shifting from a value-add to a necessity [5] - Advisors are facing evolving client inquiries regarding the impact of new tax laws on various financial aspects, indicating a need for more sophisticated tax planning [6] Industry Trends - Americans paid over $206 billion in capital gains taxes last year, highlighting the significant financial impact of tax planning [2] - A growing emphasis on transition management is noted, particularly when clients bring 401(k)s in-house, which can lead to substantial capital gains taxes if not managed properly [5] - Only 53% of advisors working with clients holding $5 million or more offer tax planning services, compared to just 38% for those with clients under $100,000 [7] Advisory Practices - Traditional tax planning methods are evolving from end-of-year tax-loss harvesting to more frequent management, such as monthly or weekly strategies [4] - Firms are hesitant to invest in the necessary expertise for effective tax planning, viewing it as a costly endeavor despite the potential for performance gains being eroded by taxes [4] - The need for advisors to adapt to the changing landscape of client expectations and regulatory impacts is emphasized, with a call for a more proactive approach to tax strategy [6]